Sensex, Nifty end moderately lower on selling in IT, telecom stocks

Mumbai: Equity benchmark indices Sensex and Nifty closed moderately lower on Wednesday due to heavy selling pressure in IT, telecom, and realty stocks amid growing concerns over a possible global economic slowdown.

The 30-share BSE Sensex fell 72.56 points or 0.10 per cent to close at 74,029.76. During the session, it tumbled 504.16 points or 0.68 per cent to touch a low of 73,598.16.

Similarly, the NSE Nifty slipped 27.40 points or 0.12 per cent to end at 22,470.50. In the session, it fell 168.35 points or 0.74 per cent to hit an intraday low of 22,329.55.

From the Sensex pack, Infosys, Tech Mahindra, Nestle India, Tata Consultancy Services, HCL Technologies, Asian Paints, Axis Bank, Zomato, Hindustan Unilever, and Bharti Airtel were among the laggards.

On the other hand, IndusInd Bank, Tata Motors, Kotak Mahindra Bank, Bajaj Finance, HDFC Bank, ITC, Sun Pharma, Bajaj Finserv and UltraTech Cement were the gainers.

The BSE Smallcap gauge fell 0.48 per cent, while the midcap index slipped 0.57 per cent.

Among the BSE sectoral indices, Focussed IT, IT, Teck, Realty, Telecommunication, Metal, Capital Goods, Services, and Industrial were among the major laggards.

In contrast, Energy, FMCG, financial services, Healthcare, Utilities, Auto, Bankex, Consumer Durables, Oil & Gas, and Power were the gainers.

In Asian markets, Tokyo, Seoul, Shanghai and Hong Kong ended on a mixed note.

European markets were trading higher in the mid-session deals on Wednesday. Wall Street ended in the negative zone on Tuesday.

Global benchmark Brent crude oil went up 0.34 per cent to USD 69.80 a barrel.

Foreign Institutional Investors (FIIs) sold equities worth Rs 2,823.76 crore, while Domestic Institutional Investors (DIIs) purchased equities worth Rs 2,001.79 crore on Tuesday, according to the exchange data.

The 30-share BSE Sensex on Tuesday settled down by 12.85 points at 74,102.32. The broader Nifty of NSE advanced 37.60 points to close at 22,497.90.